2015-11-13T16:14:13-06:00 2014-12-31 EISNERAMPER LLP 750 THIRD AVENUE NEW YORK NY 100172703 990 2014-01-01 135261470 MUNICIPAL CREDIT UNION % MUNICIPAL CREDIT UNION MUNI 22 CORTLANDT ST 26TH FLOOR NEW YORK NY 10007 LINDA LAMBERT SVP/CFO 2122383334 2015-11-02 true MARIE ARRIGO P00058583 2129498700 2015-11-02 2014 2016-03-07 17:11:31Z KAM WONG 22 CORTLANDT STREET NEW YORK NY 10007 133551051 false X WWW.NYMCU.ORG X 1916 NY BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES 17 17 794 22 4979664 1516982 0 0 125983105 131297513 1182500 2253538 0 0 127165605 133551051 237289 162319 0 0 58803062 63135845 0 0 0 65082504 68353331 124122855 131651495 3042750 1899556 1954679441 2096409712 1825297926 1988186866 129381515 108222846 BUILD LIFETIME FINANCIAL RELATIONSHIPS WITH EACH MEMBER PROVIDING COMPETITIVE PRODUCTS AND EXCELLENT SERVICES. false false DURING 2014 MCU OFFERED VARIOUS LOAN PRODUCTS TO ITS MEMBERS DURING 2014 MCU OFFERED VARIOUS DEPOSIT PRODUCTS TO ITS MEMBERS DURING 2014 MCU OFFERED VARIOUS OTHER SERVICES TO ITS MEMBERS SUCH AS ATM AND DEBIT CARD. false false false false false false false false false true false false true true false true false false false false false false false false false false true true true false false false false false false false false false false false false false false true 69175 0 true 794 true true true false false false false false X 17 17 false false false false true true true true true false false true true true true true true true true false X MUNICIPAL CREDIT UNION 2122383334 22 CORTLANDT STREET NEW YORK NY 10007 MARK S BRANTLEY CHAIRMAN 6.0 0.0 X 6824 0 0 SYLVIA ASH 1ST VICE CHAIR 6.0 0.0 X 2664 0 0 C RICHARD WAGNER 2ND VICE CHAIR 6.0 0.0 X 0 0 0 THOMAS E DIANA DIRECTOR EMERITUS 6.0 0.0 X 0 0 0 SHIRLEY JENKINS SECRETARY 6.0 0.0 X 0 0 0 S NANA OSEI-BONSU TREASURER 6.0 0.0 X 6568 0 0 JOY SCHWARTZ DIRECTOR 6.0 0.0 X 0 0 0 JAMES DURRAH ASSISTANT TREASURER 6.0 0.0 X 4828 0 0 MARIO MATOS ASSISTANT SECRETARY 6.0 0.0 X 0 0 0 BERYL MAJOR DIRECTOR 6.0 0.0 X 0 0 0 TESSA HACKETT-VIEIRA DIRECTOR 6.0 0.0 X 1286 0 0 LORETTA JONES DIRECTOR 6.0 0.0 X 655 0 0 CAROLL DUNCANSON DIRECTOR 6.0 0.0 X 0 0 0 GIOVANNI PORCELLI SUPERVISORY CHAIRMAN 10.0 0.0 X 0 0 0 JOSEPH GUAGLIARDO SUPERVISORY MEMBER 10.0 0.0 X 0 0 0 CHERYL WRIGHT SUPERVISORY MEMBER 10.0 0.0 X 2782 0 0 ALMETA COAXUM SUPERVISORY MEMBER 10.0 0.0 X 0 0 0 KAREN LUCAS SUPERVISORY SECRETARY 10.0 0.0 X 0 0 0 KAM WONG PRESIDENT/CEO 60.0 0.0 X 1864163 0 127955 ANA PUELLO EXECUTIVE VP/CFO 60.0 0.0 X 253624 0 13869 NORMAN KOHN SVP/CHIEF CREDIT OFFICER 40.0 0.0 X 544852 0 33845 CAROLE PORTER SVP/RETAIL BANKING 40.0 0.0 X 356462 0 145118 RICHARD CASAMASSA SVP/MEMBER SERVICE OPERATIONS 40.0 0.0 X 401708 0 251120 THOMAS SICILIANO GENERAL COUNSEL 40.0 0.0 X 544745 0 137889 KIM THOMPSON SVP/HUMAN RESOURCES 40.0 0.0 X 327499 0 65482 JANET PERKINS VP/PROCESS ENGINEERING 40.0 0.0 X 290674 0 93948 PHILIP VELTRE DEPUTY COUNSEL 40.0 0.0 X 268861 0 155611 AMY KONG VP/RISK MANAGEMENT 40.0 0.0 X 232985 0 156695 LINDA LAMBERT VP/FINANCE 40.0 0.0 X 245274 0 71340 URMILLA JORAWAR CHIEF INTERNAL AUDITOR 40.0 0.0 X 225213 0 55657 5581667 0 1308529 55 false true false MAYORE ESTATES LLC 1177 AVENUE OF THE AMERICAS NEW YORK NY 10036 OFFICE LEASING 3655170 OCD MEDIA LLC 8 EAST 36TH STREET NEW YORK NY 10016 ADVERTISING 3716025 BROOKLYN BASEBALL CO LLC 1904 SURF AVENUE BROOKLYN NY 11224 OFFICE LEASING 806575 EISNERAMPER LLP 750 THIRD AVENUE NEW YORK NY 10017 AUDITING FIRM 637025 QUEENS CENTER REIT LLC 401 WILSHIRE BLVD SANTA MONICA CA 90401 OFFICE LEASING 596658 23 0 INTEREST INCOME ON MEMBER LOANS 522100 82573931 82573931 INSURANCE REIMBURSEMENT 522100 6984515 3512531 3471984 SERVICE FEES 522100 41133248 39625568 1507680 OTHER MISCELLANEOUS INCOME 522100 605819 605819 131297513 2253538 2253538 0 0 0 0 0 0 0 0 0 0 133551051 126317849 4979664 2253538 96319 66000 0 0 5093941 0 37631326 7601590 9602089 3206899 0 117177 613741 0 0 0 2989587 7307862 13721823 3941312 0 10943295 809229 0 1608293 0 0 5225343 1154471 PROVISION FOR LOAN LOSSES 5027784 DEBIT & CREDIT CARD EXPENSE 4203806 COLLECTION & CREDIT EXPENSE 3615076 DIVIDEND EXPENSES 5139536 1934996 131651495 221218093 213138384 241295263 147890188 0 0 1264277898 1320497393 0 0 0 0 0 0 0 0 51776052 42479272 48795132 31395087 15742303 17400045 54330053 232823654 0 0 0 0 0 0 106039779 122180776 1954679441 2096409712 42296454 50244189 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1783001472 1937942677 1825297926 1988186866 X 0 0 61580433 61580433 67801082 46642413 129381515 108222846 1954679441 2096409712 X 1899556 -23058225 X false true X true false 18952392 11412768 7539624 29842741 19982320 9860421 17400045 ACCRUED INTEREST RECEIVABLE 4412989 NCUSIF DEPOSIT 18402475 PR DEPOSIT RECEIVABLE 92090809 OTHER RECEIVABLE 3921590 OTHER ASSETS 3352913 122180776 0 MEMBER DEPOSIT 1937942677 1937942677 123383731 123383731 10167320 10167320 133551051 121484175 121484175 10167320 10167320 131651495 NO FIN 48 FOOTNOTE INCLUDED IN AUDITED FINANCIAL STATEMENTS THE CREDIT UNION IS EXEMPT FROM FEDERAL, NEW YORK STATE AND CITY INCOME TAXES. HOWEVER, CERTAIN INCOME SUCH AS ATM FEES EARNED FROM NON-MEMBERS AND EXPENSE REIMBURSEMENTS ON INSURANCE SOLD THROUGH BRANCHES, IS SUBJECT TO INCOME TAXES. THESE TAXES WERE NOT MATERIAL TO THE FINANCIAL STATEMENTS AND ARE INCLUDED IN OTHER EXPENSES. THEREFORE, NO FIN48 FOOTNOTE WAS PROVIDED IN ORGANIZATION'S FINANCIAL STATEMENT. RECONCILIATION OF REVENUE & EXPENSE PER AUDITED F/S WITH RETURN $5,139,536 OF DIVIDEND EXPENSE AND $5,027,784 OF LOAN LOSS PROVISION EXPENSE TOTALING $10,167,320 REDUCED GROSS REVENUE PER AUDIT STATEMENTS. AS SUCH, THE EXPENSES WERE NOT ACCOUNTED FOR AS EXPENSE ON THE FINANCIAL STATEMENTS. true WORLDWIDE FOUNDATION FOR CREDIT UNIONS 5710 MINERAL POINT RD MADISON WI 53705 396093210 501(C)3 8800 SEE PART IV AFRICAN AMERICAN CREDIT UNION COALITION PO BOX 1612 SHREVEPORT LA 71165 571091138 501(C)3 15000 SEE PART IV AACUC - EASTERN REGION CHAPTER 7 E REDWOOD STREET BALTIMORE MD 21202 571091138 501(C)3 7500 SEE PART IV AMERICAN CANCER SOCIETY INC 2 LYON PLACE WHITE PLAINS NY 10451 131788491 501(C)3 7191 SEE PART IV NEW YORK CREDIT UNION FOUNDATION 1021 WALVLIET SKATER RD ALBANY NY 11205 161527073 501(C)3 15000 SEE PART IV 5 SCHOLARSHIPS FOR STUDENTS (MEMBERS) 21 66000 GRANT PROCEDURES THE CHECKS FOR THE SCHOLARSHIP WINNERS ARE MADE PAYABLE TO THE STUDENT (MEMBER) AND THE COLLEGE THE STUDENT WILL ATTEND. PURPOSE OF GRANTS GRANT 1: WORLDWIDE FOUNDATION FOR CREDIT UNIONS - RAISES AWARENESS OF CREDIT UNIONS AND FINANCIAL COOPERATIVE WORLDWIDE. GRANT 2: AFRICAN AMERICAN CREDIT UNION COALITION (AACUC) - DONATION TO STRENGTHEN THE CREDIT UNION MOVEMENTS. GRANT 3: AACUC EASTERN REGION CHAPTER - DONATION IS TO IMPROVE THE LITERACY TO THE AFRICAN AMERICAN COMMUNITIES. GRANT 4: AMERICAN CANCER SOCIETY EASTERN DIVISION-DONATION MAKING STRIDES AGAINST BREAST CANCER. GRANT 5: NEW YORK CREDIT UNION FOUNDATION - DONATION IS TO BUILD FINANCIAL INDEPENDENCE AMONG NEW YORKERS. X true true X X false false false KAM WONG PRESIDENT/CEO 790854 0 991000 0 82309 0 94110 0 33845 0 1992118 0 0 0 ANA PUELLO EXECUTIVE VP/CFO 193174 0 51407 0 9043 0 0 0 13869 0 267493 0 0 0 NORMAN KOHN SVP/CHIEF CREDIT OFFICER 316500 0 215000 0 13352 0 0 0 33845 0 578697 0 0 0 CAROLE PORTER SVP/RETAIL BANKING 243046 0 100000 0 13416 0 131321 0 13797 0 501580 0 0 0 RICHARD CASAMASSA SVP/MEMBER SERVICE OPERATIONS 213518 0 150000 0 38190 0 217275 0 33845 0 652828 0 0 0 THOMAS SICILIANO GENERAL COUNSEL 313874 0 215000 0 15871 0 104044 0 33845 0 682634 0 0 0 JANET PERKINS VP/PROCESS ENGINEERING 253940 0 20000 0 16734 0 80151 0 13797 0 384622 0 0 0 PHILIP VELTRE DEPUTY COUNSEL 205723 0 58000 0 5138 0 121766 0 33845 0 424472 0 0 0 KIM THOMPSON SVP/HUMAN RESOURCES 219042 0 100000 0 8457 0 51700 0 13782 0 392981 0 0 0 AMY KONG VP/RISK MANAGEMENT 190985 0 42000 0 0 0 122850 0 33845 0 389680 0 0 0 LINDA LAMBERT VP/FINANCE 170274 0 75000 0 0 0 57630 0 13710 0 316614 0 0 0 URMILLA JORAWAR CHIEF INTERNAL AUDITOR 170213 0 55000 0 0 0 21892 0 33765 0 280870 0 0 0 PART I LINE 1B THE COMPENSATION COMMITTEE (MADE UP OF THE BOARD OF DIRECTORS) REVIEWS THE PRESIDENT/CEO'S EMPLOYMENT CONTRACT PRIOR TO EXECUTION BY THE BOARD. PART I LINE 1A MUNICIPAL CREDIT UNION PROVIDES THE BENEFIT OF PAYING FOR THE TRAVEL OF COMPANIONS TO ITS BOARD OF DIRECTORS WHEN THEY ARE TRAVELING FOR CONFERENCES AND MEETINGS RELATED TO THE ORGANIZATION. THE AMOUNT PAID FOR IS A BENEFIT WHICH IS REPORTED ON A FORM 1099-MISC TO THE GUEST THAT IS BROUGHT ALONG TO THE CONFERENCE. FORM 990, PART VI, SECTION A, QUESTIONS 7A & 7B THIS IS ONLY TRUE IN VERY LIMITED SITUATIONS FORM 990, PART VI, SECTION B, QUESTION 11B THE FORM WAS REVIEWED BY THE CEO AND THE FISCAL COMMITEE AND THEN SHARED WITH OTHER BOARD MEMBERS FORM 990, PART VI, SECTION B, QUESTION 12C MUNICIPAL CREDIT UNION HAS INTERNAL AS WELL AS EXTERNAL AUDITS. IN ADDITION, THE SECRETARY OF THE BOARD ANNUALLY SENDS OUT A REQUEST OF DISCLOSURE OF INSIDER ACCOUNTS TO MANAGEMENT AND THE BOARD. FURTHERMORE, THE HUMAN RESOURCES DEPARTMENT SENDS OUT A DISCLOSURE OF RELATIVES FORM TO ALL EMPLOYEES. FORM 990, PART VI, SECTION C, QUESTION 19 FINANCIAL STATEMENTS ARE AVAILABLE ON WEBSITE. OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 OTHER CHANGES IN NETS ASSETS, OR FUND BALANCES: CHANGE IN POST RETIREMENT BENEFIT ASSETS ($547,245) CHANGE IN PENSION BENEFIT ASSETS ($22,510,980) TOTAL CHANGE IN NET ASSETS ($23,058,225) FORM 990, PART VI, SECTION B, QUESTIONS 15A & 15B EXTENSIVE REVIEWS ARE PERFORMED EVERY OTHER YEAR AND MCU CONTINUES TO UTILIZE THE GUIDELINES DEVELOPED IN CONJUNCTION WITH TED TRUNASELLA TO ADMINISTER OUR COMPENSATION PRACTICES. IN ADDITION WE UTILIZE AVAILABLE COMPENSATION SALARY RANGE REVIEWS FROM VARIOUS HUMAN RESOURCES SUCH AS SHRM (SOCIETY FOR HUMAN RESOURCE MANAGEMENT).